First, I am responsible for and monitor the trading records of those who work in my office. If we found an "error" of this magnitude in my office, I would be fired along with the trader who caused the problem.

In my opinion, there is NO EXCUSE for not monitoring the daily P&L of YOUR OWN OFFICE STAFF!

Since Mr. Tobias is one of the highly paid fat cat fund managers, instead of firing him, I would suggest he repay the investors from his own account.

First, I am responsible for and monitor the trading records of those who work in my office. If we found an "error" of this magnitude in my office, I would be fired along with the trader who caused the problem.

In my opinion, there is NO EXCUSE for not monitoring the daily P&L of YOUR OWN OFFICE STAFF!

Since Mr. Tobias is one of the highly paid fat cat fund managers, instead of firing him, I would suggest he repay the investors from his own account.

Ridiculous.

This one goes up on our office billboard.

Lefty

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jim cramer must be smiling, showed a lot of affection for Seth Tobias in his book

There was an article in the April/May Trader Monthly mag :
"Peterffy to CITI:No do-overs"
When regulators mull new rules, they often quietly consult Thomas Peterffy, the powerful founder of options-market-making titan Interactive Brokers Group. Peterffy, it seems, is a stickler for rules. When Citigroup recently made an inadvertent QQQQ order (a bad data feed led to an automatic fill on 950,000 contracts, leaving Citi holding an $18 million loss), two market makers, Wolverine and Morgan Stanley recognized the goof and agreed to bust up the trade, knocking Citi's loss down to &7 million. However, IBG's Timber Hill showed no such mercy. "The industry is aware of our position on busting trades, "a company spokeswoman says.-----

My point is, I'm glad they are consistent. The application says, there will be no margin calls, boom, you're liquidated, I'm glad they are as responsible as I am.